MANGAZEISKY SILVER PROJECT Corporate Presentation PATH TO PRODUCTION April 2018
SBR – Forward Looking Statement Cautionary Statement Regarding Forward-Looking Information This presentation and subsequent oral statements made by and on behalf of the Company may Cautionary Note Regarding PEA contain forward-looking statements, which reflect management's expectations. Wherever The PEA is preliminary in nature and is based on a number of assumptions that may possible, words such as "intends", "expects", “plans”, "scheduled", "estimates", "anticipates", be changed in the future as additional information becomes available. Mineral "believes" and similar expressions or statements that certain actions, events or results "may", resources that are not mineral reserves do not have demonstrated economic "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify viability. The PEA includes inferred mineral resources that are considered too these forward-looking statements. Although the forward-looking statements contained in this speculative geologically to have the economic considerations applied to them that release reflect management's current beliefs based upon information currently available to would enable them to be categorized as mineral reserves, and there is no certainty management and based upon what management believes to be reasonable assumptions, Silver that the PEA will be realized. Bear cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from Historical Resources the results expressed or implied in the forward-looking statements. Such risks factors include Note that the P1 and P2 resource estimates shown are historical in nature and do not use but are not limited to risks factors identified by Silver Bear in its continuous disclosure filings categories defined in NI 43-101 and thus are not compliant with CIM and NI 43-101 filed from time to time on SEDAR. These factors should be considered carefully and prospective standards. The exact date of these estimates is unknown. Historical resource estimates are investors should not place undue reliance on the forward-looking statements. Forward-looking based on Russian reserve system and based primarily on trench and prospecting samples statements necessarily involve significant known and unknown risks, assumptions and only. These resources are considered historical in nature under NI 43-101 and a qualified uncertainties that may cause Silver Bear's actual results, events, prospects and opportunities to person under 43-101 has not done sufficient work to classify the historical estimate as differ materially from those expressed or implied by such forward-looking statements. Although current mineral resources. The Company is not treating the historical estimate as current Silver Bear has attempted to identify important risks and factors that could cause actual actions, mineral resources. events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, Qualified Person estimated or intended. There can be no assurance that forward-looking statements will prove to Jacques du Toit, CEng, PrEng, MScEng, PMP visited the site on 21 st July 2014, for one be accurate, as actual results and future events could differ materially from those anticipated in day. Robert Davies, B.Sc (Hons), CGeol, EurGeol, FGS, visited the site between the 12- such statements. Accordingly, prospective investors should not place undue reliance on 15 th September 2016 and between 26 th June and 9 th July 2016. Both are Tetra Tech forward-looking statements. These forward-looking statements are made as of the date of this Qualified Persons under National Instrument 43-101 and, has reviewed and approved the release, and Silver Bear assumes no obligation to update or revise them to reflect new events scientific and technical information in this presentation. or circumstances, unless otherwise required by law. For Persons in the United States Investors are advised that National Instrument 43-101 of the Canadian Securities This presentation is being made available on a confidential basis only to persons in the Administrators requires that each category of mineral reserves and mineral resources be United States reasonably believed to be “accredited investors” as defined in Rule 501(a) reported separately. Mineral resources that are not mineral reserves do not have demonstrated under the U.S. Securities Act and specifically authorized to view this presentation. This economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, presentation is not an offer, invitation, solicitation or recommendation with respect to the these mineral resources may never be upgraded to proven and probable mineral reserves subscription for, purchase or sale of any security, or the solicitation of any vote or approval in any jurisdiction, and neither this document nor anything in it shall form the basis of any Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred contract or commitment. No action should be taken on the basis of, or in reliance on, this Resources presentation. This presentation does not constitute a representation that an offering of securities will occur either at all or in any manner indicated in this document. This The information presented uses the terms “measured”, “indicated” and “inferred” mineral presentation does not contain all material information, and must not be relied upon, to resources. United States investors are advised that while such terms are recognized make an investment decision. This presentation is made for general informational purposes and required by Canadian regulations, the United States Securities and Exchange only. Nothing in this document shall form the basis of any contract or commitment, or Commission does not recognize these terms. “Inferred mineral resources” have a great constitute investment, legal, tax or other advice. The information in this document does not amount of uncertainty as to their existence, and as to their economic and legal feasibility. take into account your investment objectives, financial situation or particular needs. You It cannot be assumed that all or any part of an inferred mineral resource will ever be should make your own independent evaluation of this presentation, its contents and any upgraded to a higher category. Under Canadian rules, estimates of inferred mineral potential investment in Silver Bear. Any unauthorized use of the presentation is strictly resources may not form the basis of feasibility or other economic studies. United States prohibited. Distribution of this information to any other person is unauthorized, and any investors are cautioned not to assume that all or any part of measured or indicated mineral disclosure of any of such information without the prior written consent of Silver Bear resources will ever be converted into mineral reserves. United States investors are also Resources Inc. is prohibited. Except as specifically provided herein, this presentation may cautioned not to assume that all or any part of an inferred mineral resource exists, or is not be copied or otherwise distributed, in whole or in part, by or to any person or in any economically or legally mineable. medium whatsoever. TSX: SBR 2
Silver Bear: Building Momentum Quality Assets Quality Assets Near-term Production Strong Team Exploration Upside Construction Excellent High silver grade Proven mine near completion potential for multi- 1,083 g/t builders with pit single plant deep Russian & First production Ag operation international early Q2 2018 Low cost open pit finance operation experience www.silverbearresources.com TSX: SBR 3
SBR Corporate Structure Market Capitalization Summary (as Apr 15, 2018) Shares Issued / Outstanding 670,377,513 Experienced Team Options (avg. strike C$0.37) 28,098,666 Warrants (all expired Jun 2016) 0 ▪ Graham Hill, President, CEO & Fully Diluted 698,476,179 Director Market Capitalization C$160 M o UK/South African Engineer with +25 years experience building and Cash Position (Q4 2017) US$24.4 M operating mines in Central Asia and Nov 15, 2017: Facilities Agreement Increase - US$20M Africa. Responsible for the development and management of Shareholder Base Oxus Resources Uzbekistan and Kyrgyzstan mines. Float 12.3% Aterra Capital 2 ▪ Vadim Ilchuk, CFO 24.9% o Russian Mining Executive with +19 years experience in mining industry and natural resource investment, international mine finance and Inflection 1 accounting in Russia and North 62.3% America 1. Inflection Management Corporation Limited: beneficially owned by Sergey Kolesnikov holds 419/8 M SBR common shares; 2. A.B. Aterra Resources Ltd.: beneficially owned by Alexey Mordashov holds 166.6 M SBR common shares TSX: SBR 4
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